President Palau Surangel Whipps Jr. said that Palau is collaborating with Ripple Labs on a project to create a “national stablecoin”.
According to him, the country should strive to diversify its economy and to harness the full benefits of new technologies.
“Palau is taking a step in collaboration with Ripple to explore the possibility of creating a national stablecoin, which we hope to launch in the near future. This will help make payments simple and secure,” emphasised Whipps.
He added that the country has no central bank — it uses the US dollar as its official currency. The aim of the new project is to create its own CBDC.
“Palau is also fortunate to receive recognition from blockchain-industry leaders, such as Binance CEO Changpeng Zhao […]. We discussed how we can cooperate on the digital residency programme and use Binance Pay for payments,” added Whipps.
The president noted that he discussed joint initiatives with Ethereum Vitalik Buterin.
“This is a new world for Palau, but we are happy to be a part of it,” he emphasised.
As noted in June Ripple opened its first engineering centre in Canada. Previously the company announced a partnership with the Lithuanian provider of international online money transfers FINCI.
In the spring, National Australia Bank and Canadian Imperial Bank of Commerce — among the largest financial institutions in Australia and Canada respectively — began using Ripple’s technology to settle international payments.
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